Tenants are continuing to get caught in the crossfire as landlords continually increase rents because they know that their tenants have no other choice. Rents hit a high in August following a five month streak as landlords are still benefiting from the high demand as people unable to get their footing on the property ladder.
Year on year monthly rents increased by about 2.9% reaching up to an average of £734 which si higher than the previous July peak of £725. New graduates that are just starting jobs helped to increase the demand for rents in some of the key regions in Wales and England including the South East, London, the North West, Humber, Yorkshire, and the East.
Now more and more people are worried about the rising rents as they are concerned that they will not be able to keep their family in their rented homes if the landlords continue to increase the price of their rent.
Shelter, the homeless charity, has asked that tenants be protected via contracts that last for five years to offer people that are renting family homes or other forms of long term housing greater stability. The contract is referred to as a Stable Rental Contract and would ideally become a normal contract for the England rental market to help tenants find security in a home. At the same time landlords would also benefit since they would be guaranteed tenants for a long term contract.
As part the deals, rents would increase aligned with inflation every year so that tenants and landlords both benefit fairly from the terms of the contract. Landlords would still be allowed to eject tenants in violation of their contract and tenants are allowed to leave with two months’ notice.